Filsyn [FYN suspended] [link] wiped out its P1.86 billion deficit (as of Dec. 31, 2021) by way of an equity restructuring that was approved by the SEC. The restructuring will take P1.86 billion in additional paid-in capital and use that to eliminate the company’s accumulated deficit of P1.86 billion. The company will be left with P335 million in additional paid-in capital that, according to the disclosure, “cannot be applied for future losses that may be incurred by Filsyn without prior approval of the SEC.” FYN has been suspended since 2002 for reporting failures and applied with the SEC for approval of this transaction back in 2021.